Required Information [The following Information applies to the questions displayed below.] Sierra Company manufactures soccer balls in two sequential processes: Cutting and Stitching. All direct materials enter production at the beginning of the cutting process. The following Information is available regarding Its May Inventories. Beginning Inventory Ending Inventory $ 96,000 $ 116,350 223,500 150,500 243,300 116,300 56,100 44,250 Raw materials inventory Work in process inventory-Cutting Work in process inventory-Stitching Finished goods inventory The following additional Information describes the company's production activities for May. Direct materials Raw materials purchased on credit Direct materials used-Cutting Direct materials used-Stitching Direct labor $ 115,000 26,250 e Direct labor-Cutting Direct labor-Stitching Factory Overhead (Actual costs) Indirect materials used Indirect labor used other overhead costs $ 24,600 98,400 $ 68,400 58,600 65,000 Factory Overhead Rates Cutting 150% of direct materials used 120% of direct labor used Stitching Sales $ 976,000 2. Prepare May 31 journal entries to record the following May activities: a. Raw materials purchases b. Direct materials used c. Indirect materials used d. Direct labor used e. Indirect labor used f. Other overhead costs paid in cash g. Overhead applied h. Goods transferred from Cutting to Stitching I. Goods transferred from Stitching to finished goods J. Sales (on account) k. Cost of goods sold